Posted on: November 20, 2024, 12:43h.
Last updated on: November 20, 2024, 01:20h.
Colorado-based Jacobs Entertainment, the company behind the redevelopment and rebranding of the Sands Regency to the J Resort in Reno, Nev., continues to live up to its pre-project promises.
Jacobs Entertainment spent $300 million to overhaul the former Sands Regency. The new property debuted as J Resort last spring, with the investment renovating all 750 hotel guestrooms, remodeling the casino floor, and adding over 1,000 surface parking spaces.
The resort additionally brought in new restaurants, including Hannah’s Table and J Paul’s Italian Steakhouse, plus a nightclub called Afterglow. A digital exterior wall measuring 65 feet displays artwork curated from around the world.
This week, Jacobs Entertainment, controlled by founder and CEO Jeff Jacobs, confirmed to the Reno Gazette-Journal that the company will invest another $130 million to further improve the J Resort.
Reno Redo
Jacobs Entertainment acquired the Sands Regency in 2017 for $30 million. Two years later, the company announced an ambitious plan to inject $1 billion into Reno and bring “The Biggest Little City in the World” an innovative attraction called the Reno Neon Line.
Located along W. 4th Street from N. Arlington Ave. west to Vine St., Jacobs’s master plan includes a mixed-use hospitality, entertainment, art, and residential corridor. Of course, casino gambling is also in the mix.
Along with the J Resort casino featuring 400 slot machines, a dozen table games, and a sportsbook, Jacobs owns and operates Gold Dust West along 4th and Vine. Gold Dust offers 450 slots, video poker, and keno.
Jacobs spent more than $100 million in purchasing blighted motels and vacant buildings along and near his planned Reno Neon Line. He’s also committing another $130 million to further expand and update the J Resort.
We have over $400 million currently invested in downtown Reno. With the additional $130 million to be spent, we will have invested close to $550 million,” Jacobs told the Reno Gazette-Journal.
The $130 million allocation will be used to construct two new event spaces and an exhibition hall where Jacobs will display his famed Ferrari collection. An indoor-outdoor pool atop the J Resort’s west tower and a full-service spa is also included.
Outside, $5 million of the budget is being set aside to build a concert and festival grounds space. The Glow Plaza, as it’s being billed, will be located across W. 3rd St. on what is currently a paved parking lot between Arlington and Ralston Streets. The music venue will be capable of hosting 15K people at a time.
Reno Revenue
Reno’s casino industry has been soaring since the COVID-19 pandemic.
Gross gaming revenue (GGR) in Washoe County, home to Reno, totaled $865.7 million in 2018. GGR fell to $857.2 million in 2019 and to $676 million in 2020.
Pent-up demand led to a rally in 2021, as casino win topped $1 billion for the first time since 2007. County casino revenue stayed upwards of the $1 billion mark in both 2022 and 2023.
Jacobs isn’t the only one bullish on Reno and Northwest Nevada. The Meruelo Group, which owns the Grand Sierra Resort, is seeking to build a $400 million, 10,500-seat indoor arena in downtown Reno.
